Companies Are Paying ‘Experts’ $20,000 an Hour to Figure Out Millennials

Big companies pay millions to understand their young employees.

BALTIMORE, MD - JANUARY 13: People work in one of the nonprofit offices at Miller's Point, a retrofitted factory in the Remington-Charles Village neighborhood, on January 13, 2015 in Baltimore, Maryland. The building was a cane factory and is now filled with apartments and office space for nonprofits - helping to uplift the semi rough neighborhood. Baltimore is a draw for millennials who want to live in close-in, hip, urban neighborhoods. The city has a vibrant nightlife, great architecture and a relatively low cost of living and has earned the nickname Charm City. (Photo by Melanie Stetson Freeman/The Christian Science Monitor via Getty Images)

BALTIMORE, MD – JANUARY 13: People work in one of the nonprofit offices at Miller’s Point, a retrofitted factory in the Remington-Charles Village neighborhood, on January 13, 2015 in Baltimore, Maryland. The building was a cane factory and is now filled with apartments and office space for nonprofits – helping to uplift the semi rough neighborhood. Baltimore is a draw for millennials who want to live in close-in, hip, urban neighborhoods. The city has a vibrant nightlife, great architecture and a relatively low cost of living and has earned the nickname Charm City. (Photo by Melanie Stetson Freeman/The Christian Science Monitor via Getty Images)

Large companies are confused by millennials, and they’re willing to pay big money to try to understand them.

Intergenerational consulting, a business that barely existed just a few years ago, has had a meteoric rise. As the Wall Street Journal reports, people who were born in the 1980s and 1990s now comprise the largest portion of the nation’s workforce, so executives turn to so-called “millennial experts” to learn more about them.

These intergenerational consultants are hired by companies like Goldman Sachs GS 0.61% , Coca-Cola KO 0.05% , Oracle OCLCF -4.97% , and countless others. They earn as much as $20,000 an hour to teach managers and executives how to effectively communicate with millennial-age employees, and how to keep them happy and engaged in the workplace. According to consulting market tracker Source Global Research, U.S. companies allocated between $60 million and $70 million last year to this cause.

Source